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Cable Update (GBPUSD)

  • #789,221
  • Nov 9, 2023 3:38pm Nov 9, 2023 3:38pm
Quoting navk
{quote} so, the daily bearish candle confirmed. what is next ? a 30 min/60 min pull back is expected until 2250/60 for thr next drop to 2150 ? By frinday NY Close ? probably yes.
Exactly. I saw the patented "gravity" effect on the price action before the end of day yesterday (Wednesday) and couldn't help but see this coming. The more I look at it, the less I can deny it, despite other traders' bullish optimism. Once that heavy "gravity" kicks in, no amount of defying it can defeat it in the end. It has that slippery slope kind of escalation, slow at first, then increasing momentum after every spike up. My EUR/USD target of 1.063 for today was only a wild guess, but 1.066 is enough to confirm the beginning of this slide. I don't think it will stop with any significant sustained bounce until 1.04-1.03 range on Tuesday or Wednesday of next week.
It looks like one of those free falling knife trends that won't look back until it's exhausted. After that, more consolidation would make sense before continuing to 1.000 before year's end.
Or am I really imagining things?
You cannot fail if you never give up.
  • #789,222
  • Nov 9, 2023 3:46pm Nov 9, 2023 3:46pm
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gold looks like it’s on track
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Quoting navk
{quote} a 4 hr pull back yesterday close to 2300 made me to think bulls will do. But i mentined earlier, 4 hr has changed. And it is not done yet. Be prepared for next round of sell by NYO. Until then a pull back close to 2250/60 is what i expect. see the 4hr change yesterday and today in 15min chart {image} {image}
hi mate just been reading and not posting . Just share my trade look with you
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Care to be taken here . Possible shorter 2180 area
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  • #789,223
  • Nov 9, 2023 3:47pm Nov 9, 2023 3:47pm
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  • #789,224
  • Nov 9, 2023 3:56pm Nov 9, 2023 3:56pm
Quoting elbert3
{image}gold looks like it’s on track {image}{image}{quote} hi mate just been reading and not posting . Just share my trade look with you {image} Care to be taken here . Possible shorter 2180 area {image} {image}
Hi Dear,

I usually do not do analysis, mean, target price to get hit or whatever...

I trade smaller tf set up and trade to make my 1.5 to 2 %.

For me, 1 min, 5min, 15 min set ups reward me.
Intraday only.
  • #789,225
  • Nov 9, 2023 3:59pm Nov 9, 2023 3:59pm
Quoting navk
{quote} Hi Dear, I usually do not do analysis, mean, target price to get hit or whatever... I trade smaller tf set up and trade to make my 1.5 to 2 %. For me, 1 min, 5min, 15 min set ups rewards me.
as long as we win more than we lose good man ,,,E
  • #789,226
  • Nov 9, 2023 4:01pm Nov 9, 2023 4:01pm
Quoting navk
{quote} My funded account rewards me 1 to 2 % daily. This is enuff. And yes, i do not trade with my funds. Stoped long ago.
So, do the funded account rewards keep growing accordingly as you progress? For example, if you average 1% Daily ROI on a $250k funded account, which would be $2,500 per day, and your reward would be $25-50 per day, after 1 year, the funded account would be $3 Million, and your reward would be $300-600 per day. Is that sort of growth feasible? In 2 years at that rate, your trading account would be $40 Million and your daily reward = $4,000. If so, then why not also trade that reward money, for even greater gains? Why be somebody else's lackey, making them big money, when you could do it all for yourself?
Why did you stop trading your own money? How is a funded account better?
You cannot fail if you never give up.
  • #789,227
  • Nov 9, 2023 4:09pm Nov 9, 2023 4:09pm
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Interesting long time trade Swissy
  • #789,228
  • Nov 9, 2023 4:10pm Nov 9, 2023 4:10pm
Quoting 7154Superman
{quote} So, do the funded account rewards keep growing accordingly as you progress? For example, if you average 1% Daily ROI on a $250k funded account, which would be $2,500 per day, and your reward would be $25-50 per day, after 1 year, the funded account would be $3 Million, and your reward would be $300-600 per day. Is that sort of growth feasible? In 2 years at that rate, your trading account would be $40 Million and your daily reward = $4,000. If so, then why not also trade that reward money, for even greater gains? Why be somebody else's lackey,...
My own funds, why should I risk when some firm ready to invest for me ?

In funded account, I am able to follow dicipline.

Yes, I was expecting more those days and ended up loosing accounts.

This made me to stop trading after

1.5 to 2 % profit in a day

or

3 % loss in a day.

If I trade with lots of dicipline, timing, trading etc. I will no doubt achieve 2 % profit every day
Intraday only.
  • #789,229
  • Nov 9, 2023 4:12pm Nov 9, 2023 4:12pm
Quoting navk
{quote} My own funds, why should I risk when some firm ready to invest for me ? In funded account, I am able to follow dicipline. Yes, I was expecting more those days and ended up loosing accounts. This made me to stop trading after 1.5 to 2 % profit in a day or 3 % loss in a day. If I trade with lots of dicipline, timing, trading etc. I will no doubt achieve 2 % profit every day

You are correct. One thing I noticed is how I take care of my prop account. I respect it. Lol
  • #789,230
  • Nov 9, 2023 4:21pm Nov 9, 2023 4:21pm
Quoting navk
{quote} My own funds, why should I risk when some firm ready to invest for me ? In funded account, I am able to follow dicipline. Yes, I was expecting more those days and ended up loosing accounts. This made me to stop trading after 1.5 to 2 % profit in a day or 3 % loss in a day. If I trade with lots of dicipline, timing, trading etc. I will no doubt achieve 2 % profit every day
Ok, let's say if I would use a funded account, then make a bunch of bad trades, whittling the account down to nothing with a bunch of -3% losing trades, what would the funding firm do about it? Would I have to pay them back?
You cannot fail if you never give up.
  • #789,231
  • Nov 9, 2023 4:25pm Nov 9, 2023 4:25pm
Quoting navk
{quote} My own funds, why should I risk when some firm ready to invest for me ? In funded account, I am able to follow dicipline. Yes, I was expecting more those days and ended up loosing accounts. This made me to stop trading after 1.5 to 2 % profit in a day or 3 % loss in a day. If I trade with lots of dicipline, timing, trading etc. I will no doubt achieve 2 % profit every day
On a winning trade, what would be wrong with simply locking your stop loss to 2% profit, then let the trade run on with a trailing stop just in case it continues trending? You might get the stop loss hit most times, but there would be times that you would get much better results for one day at no risk of loss.
You cannot fail if you never give up.
  • #789,232
  • Nov 9, 2023 4:28pm Nov 9, 2023 4:28pm
Quoting 7154Superman
{quote} Ok, let's say if I would use a funded account, then make a bunch of bad trades, whittling the account down to nothing with a bunch of -3% losing trades, what would the funding firm do about it? Would I have to pay them back?
Loosing continuous 3 % in a day do not do good whether funded or your own account.

The best dicipline is :

On a 20 day month

You loose 3 % on 5 days = 15 %

You gain 1.5 % on 15 days make it = 22.5 %

You end up earning 7.5 % in a month. On a 100k account, 7500 dollars, on a 250k account close to 20k dollars

The most important thing is... take a trade and make profits even if it is 400 to 500 dollars in a basket.

Stop loosing 3 % continuously. This does not do good to your confidence.

Having said, I have even recovered from 92 % to gain in a particular month.

The criteria here is trade when :

London or Frankfurt opens

NY period.
Intraday only.
  • #789,233
  • Nov 9, 2023 4:29pm Nov 9, 2023 4:29pm
Quoting 7154Superman
{quote} Ok, let's say if I would use a funded account, then make a bunch of bad trades, whittling the account down to nothing with a bunch of -3% losing trades, what would the funding firm do about it? Would I have to pay them back?
Most funding firms allow :

5 % daily loss limit

10 % overall loss limit
Intraday only.
  • #789,234
  • Nov 9, 2023 4:37pm Nov 9, 2023 4:37pm
Quoting navk
{quote} Loosing continuous 3 % in a day do not do good whether funded or your own account. The best dicipline is : On a 20 day month You loose 3 % on 5 days = 15 % You gain 1.5 % on 15 days make it = 22.5 % You end up earning 7.5 % in a month. On a 100k account, 7500 dollars, on a 250k account close to 20k dollars The most important thing is... take a trade and make profits even if it is 400 to 500 dollars in a basket. Stop loosing 3 % continuously. This does not do good to your confidence. Having said, I have even recovered from 92 % to gain in...
That's not the answer I asked for. I am asking, what would happen IF I would end up losing most of the account? What would the investing firm do about it? Would I have to pay them back?
The reason I'm asking is, if I would have to pay them back, then it wouldn't work for me because I can't deal with the pressure of somebody else breathing down my neck if I mess up. I have to do this on my own, with my own money. No pressure to win whatsoever. It's my money to play with. I can do as I please.
I find myself thinking more clearly when I have to answer to no one. I trade money I can afford to lose. Then if I start winning big, I withdraw half the profits as my income, and leave the other half in to keep growing.
You cannot fail if you never give up.
  • #789,235
  • Nov 9, 2023 4:38pm Nov 9, 2023 4:38pm
Quoting navk
{quote} Most funding firms allow : 5 % daily loss limit 10 % overall loss limit
Oh, and they won't demand you pay them back?
You cannot fail if you never give up.
  • #789,236
  • Nov 9, 2023 4:39pm Nov 9, 2023 4:39pm
Quoting 7154Superman
{quote} Oh, and they won't demand you pay them back?
no.
Intraday only.
  • #789,237
  • Nov 9, 2023 4:41pm Nov 9, 2023 4:41pm
Quoting 7154Superman
{quote} That's not the answer I asked for. I am asking, what would happen IF I would end up losing most of the account? What would the investing firm do about it? Would I have to pay them back? The reason I'm asking is, if I would have to pay them back, then it wouldn't work for me because I can't deal with the pressure of somebody else breathing down my back if I mess up. I have to do this on my own, with my own money. No pressure to win whatsoever. It's my money to play with. I can do as I please. I find myself thinking more clearly when I have...
Most firms pay once in 15 days

It is advisable to with draw profits and put it in your bank account.

Taxes, you have to deal.
Intraday only.
  • #789,238
  • Nov 9, 2023 4:42pm Nov 9, 2023 4:42pm
Quoting navk
{quote} no.
Huh... What criteria do they require for you to be eligible for a funded account?
You cannot fail if you never give up.
  • #789,239
  • Nov 9, 2023 4:46pm Nov 9, 2023 4:46pm
Quoting 7154Superman
{quote} Huh... What criteria do they require for you to be eligible for a funded account?
You have to apply for challenge account with some reputed firms.

450 to 500 dollars for 100 k account. Pay the fees.

Unlimited days offered to achieve 8 % profit for phase 1.

Unlimited days offered to achieve 5 % profit for phase 2.

Loss limits :

Daily 5 %

Overall 10 %

On achieving profit targets without violating loss limits, you are offered 100 k funded account for which you paid the fees.

On passing challenge account, the firm returns to you the fees paid by you along with 1 st profit split
Intraday only.
  • #789,240
  • Nov 9, 2023 4:49pm Nov 9, 2023 4:49pm
Quoting navk
{quote} You have to apply for challenge account with some reputed firms. 450 to 500 dollars for 100 k account. Pay the fees. Unlimited days offered to achieve 8 % profit for phase 1. Unlimited days offered to achieve 5 % profit for phase 2. Loss limits : Daily 5 % Overall 10 % On achieving profit targets without violating loss limits, you are offered 100 k funded account for which you paid the fees. On passing challenge account, the firm returns to you the fees paid by you and offer funded acc. 100k
Interesting. Thanks for your answers!
You cannot fail if you never give up.
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